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    Sampling and Subjective probability

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    1) Why do you use sampling? Can you provide an example?

    2) How many different types of sampling are there.

    3) Why do we want to assume that our sample data represents a population distribution?

    4) What are some conditions under which business decisions are made using subjective probability concepts? Could you please cite two examples of subjective probability.

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    Sampling/Population distribution/Subjective probability concepts
    1) Why do you use sampling? Can you provide an example?
    Statistics use the word sample to describe a portion chosen from the population. Sampling is used to save time and cost. For example there are two hundred million TV viewers in the US but only 1000 of those are sampled to determine what programs American watch.

    2) How many ...

    Solution Summary

    This explains the concept of subjective probability and sampling.